International Shipholding Group said it had a profit of $11.5 million in the fourth quarter ending Dec. 31, compared to $1.8 million in the same 2011 period.
Operating income for the quarter was $10.1 million versus $5.4 million a year earlier. Revenue was $56.8 million in the fourth quarter compared to $61.8 million.
The profit included a non-cash foreign currency exchange gain of $4.7 million and a gain of $12.2 million on the sale of a vessel.
During the quarter the company also:
- Closed on the acquisition of U.S. United Ocean Services (UOS) on Nov. 30.
- Acquired a 1999-built pure car truck carrier which has been deployed on a long-term time charter.
- Invested in four additional mini-bulkers as part of the 25 percent owned venture which now operates 14 of these vessels.
For the full-year 2012, the company had a profit of $22 million compared to a profit in 2011 of $32.6 million. Operating income was $24 million versus $43.6 million in 2011. Revenue last year was $243.5 million compared to $263.2 million.
“In 2012, we successfully executed our long-standing strategies in three important areas during a challenging environment for the shipping industry," said Niels M. Johnsen, chairman and chief executive officer, in a statement.
"First, we diversified and expanded our fleet to 50 vessels, including the recently closed acquisition of United Ocean Services in the fourth quarter. Second, we increased our fixed revenues by adding long-term contracts with creditworthy customers. Finally, through transactions involving our pure car truck carriers, we were able to add a modern vessel to our fleet and enhance our financial flexibility,” he said. - Chris Dupin